Genity Company Records Business Transactions in Dollars and Disregards Changes

question 100

Multiple Choice

Genity Company records business transactions in dollars and disregards changes in the value of a dollar over time.Which of the following accounting assumptions does this represent?

• A)economic entity assumption
• B)going concern assumption
• C)accounting period assumption
• D)monetary unit assumption

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Definitions:

External Respiration

The exchange of gases (oxygen and carbon dioxide) between the atmosphere and the blood through the lung alveoli.

Pulmonary Ventilation

The process of moving air in and out of the lungs to facilitate gas exchange with the internal environment, mainly by bringing in oxygen and flushing out carbon dioxide.

Internal Respiration

The exchange of gases (oxygen and carbon dioxide) between the blood and the body cells, facilitating cellular metabolism.

Abdominal Muscles

A group of muscles in the abdomen involved in the movement of the trunk, assistance in breathing, and support of the spine, including the rectus abdominis, obliques, and transversus abdominis.